CA CPT Fundamentals of Accounting Question Papers 2011

1. Capital work in progress is shown in the balance sheet under _____

a) Share capital
b) Current Assets
c) Fixed Assets
d) Current Liabilities

2. Which of the following statements is correct?

a) Goodwill is a fictitious asset
b) Patents are intangible asset
c) Debtors are current liability
d) None of the above

3. ________ is allowed by the consignor to the consignee to put hard work while introducing a new product in the market.

a) Commission on total sales
b) Del-credere commission
c) Over riding commission
d) Extra salary

4. The company decided to redeem 5000 redeemable preference shares of Rs.100 each. The company issued 2000 equity shares of Rs.100 each. The amount to be transferred to CRR is _____.

a) Rs.2,00,000
b) Rs.3,00,000
c) Rs.1,50,000
d) Rs.5,00,000

5. Which account should be credited in case of shares issued at premium?

a) Share capital account
b) Securities premium A/c
c) Share forfeiture A/c
d) Both (a) & (b)